Manish (CA Final Student) (201 Points)
20 September 2011What is the rate of tds on salary for the assessment year 2011-12. If monthly salry is100000 than what would be the tds on it...?????? plz reply soon
thanx in advance
Mihir
(Wealth Manager)
(5293 Points)
Replied 20 September 2011
Tax on Rs. 12,00,000/- p.a for AY 2011-2012 - Rs. 220,420/- / 12 = 18,368/- per month.
If there is nil deductions availed from 80C to 80U
srinivasa.B
(CA final, Bcom )
(70 Points)
Replied 20 September 2011
As per provisions of 192B you have to make provisional Income tax computation and based on the tax liability derived by you to be divided by 12months and each month tax to be duducted from salary of the empoyee.
and for the rate you can refere the tax rate applicable to an individuals.
valji
(Accounts manager-MBA)
(2150 Points)
Replied 20 September 2011
CAlculate your exemption under sec 10 & 80CCF, & also other deduction which are eligibale for exemption then calculation tax
deduct monthly TDS then after under sec 92B
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 21 September 2011
YES AGREE WITH ABOVE...
FOR ASSESSMENT YEAR...2011-12, UP TO 160000...NO TAX
FOR ASSESSMENT YEAR...2012-13 UP TO 180000..NO TAX...
Manish
(CA Final Student)
(201 Points)
Replied 21 September 2011
I have one more query related to the same. If salary is paid only for 5 mth (RS. 100000 each) than what would be the tds liability for the A.Y 11-12. I am confused in between dis:-
1) 100000*12= 1200000, Tds per mth on it 18368, total tds 18368*5 = 91842
11)100000*5=500000, tds per mth on it 2918, total tds 2918*5 = 14592.
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